SQM Research released its December listings data which showed total listings declining in a seasonal fashion by -5.2 per cent in the month to be 0.4 per cent lower than one year ago.
The decline was primarily driven by big drops in listings in Sydney (-17.7 per cent) and Melbourne (-16.6 per cent) respectively.
Over the past year property markets in Melbourne (-7.2 per cent) and Hobart (-7.8 per cent) have each tightened substantially, suggesting that those markets are strengthening.
On the other hand listings are up in Canberra (+14.2 per cent), Perth (+6.8 per cent) and Darwin (+11.6 per cent), although the increase for Perth has not been terribly dramatic on this evidence.
After three extraodinarily strong years it is not surprise to note that Sydney has seen its listing numbers increase by +16.2 per cent over the past year.
But even then, the increase in Sydney stock listings to be seen in context.
Sydney has 32 per cent fewer listings than Melbourne, and its stock on market is lower than even Brisbane or Perth where the population is comparatively much smaller.
That said, the Sydney market certainly does look to be steadying, with asking prices for houses at $1,139,000 up by +7.8 per cent over the year, and asking prices for units at $640,100 up by +11.5 per cent over the year.